H.fi.tt.  ^^ 


[EODSE   OF    REPRESENTATIVES.] 

HOUSE  OF  REPRESENTATIVES,  December  14,  1864,-Order- 
ed  to  be  printed. 

[By  Mr.  Perkins.] 


SUBSTITUTE 

For  the  Bill  (H.  R.  229)  to  provide  more  effectually  for  the  reduc- 
tion and  redemption  of  the  currency. 

1  Whb&EAS,  The  securing  of  the  currency  against  depreciation 

2  from  cxi  avA  a  want  of  confidence  in  its  ultimate 

3  redemption,  would  be  an  inestimable  benefit  to   both   govern- 

4  nir-nt  ani  citizen*.  Therefore, 

1      ^iciioxl.  ike  Canfehrate  States  of  America 

9  enact,  Hereafter,  and  until  the  full  redemption  of  the  Con- 

3  fi  3  ' 'reasury  notes,  now  outstanding,  and  of  such 

4  as  are  author!  •  to  be  issued,  the  said  notes, 

ed  prior  'venteenth  d  ■■bruary, 

hundred  and  sixty+OUT,  shall  l»e  free  from  all  taxation 
7     whatever. 
1  -        _.     Pendins    the  war.  one-fifth    of  the    Treasury  notes 

into  the  ent  of  taxes,  during  each 

5  yea  the  amount 


4  outstanding   shall   not  be   reduced   at   any  time   to  les3  than 

5  one  hundred  and  fifty  millions  of  dollars  ($150,000,000.) 

1  Sec.  3.     Upon  a  declaration  of  peace  between  the  Cenfederate 

2  States  and  the  United  States  of  America,  the  tithe  received  by 

3  the  Government  of  the  annual  crops  or  produce  of  cotton,  (other 

4  than  Sea  Island   cotton,)  wheat  and  corn,  in  the   ratio  of  four- 

5  ninths  of  cotton,  four  ninths  of  corn  and  one-ninth  of  wheat, 
Ci  shall  be  applied  to  the  payment  of  such  certificates  of  indebted- 

7  ness  for  Quartermaster  and  Commissary  supplies  as  the  govern- 

8  ment  shall  hereafter  issue,  until  the  whole  shall  have  been  re- 

9  deemed  ;  the  tithe  of  cotton  being  valued  at  fifty  cents  a  pound, 

10  of  corn  at  two  dollars  a  bushel,  and  of  wheat  at  four  dollars  a 

11  bushel,  and  being  delivered  by  the  Government  at  one  er  more 
3  2  shipping  ports  in  each  of  the  Confederate  States,  to  be  select- 

13  ed  by  the  Secretary  of  the  Treasury  :  Provided,  however,  That 

14  the   tithes  aforesaid,  or  any  part  thereof  may,  by  consent  of 

15  the  parties  entitled  to  receive  the  same,  be  delivered  elsewhere 
1G  than  at  a  shipping  port:  Provided,  further,  That  the  cotton  to 

17  be  delivered  under  the  authority  of  this  act  shall  be  equal  to 

18  cottou  classed  and  held  as  "  middling  cotton  "  iu  the  ports  where 

19  such  cotton  may  be  delivered. 

1.  Sec.  4.     That  all  acts  and  part3  of  acts  now  in  force,  providing 

2  for  the  assessment  and  collection  of  the  tax  in  kind  of  cotton. 


3 

3  corn  and  wheat,  be,  and  the  same   arc   hereby,  rc-eracted   and 

4  shall  continue  in  force  until  all  certificates  of  indebtedness  here- 

5  after  issued    by  the  government   for  Quartermaster  and    Cora- 

6  rnissary  supplies  shall  have  been  redeemed  in  full;  and  the  per- 

7  sons  paying  taxes  in  kind  under  this  act  from  and  after  a  ratifi- 

8  cation  of  a    treaty  of  peace  shall  receive  credit    for  the  then 

0  market  value  of  any    cotton,  corn  and   wheat,  delivered    after 

10  the  termination  of  the  war,  so  as    to  equalize   their   taxes  with 

11  other  tax  payers,  the  value  to  be  ascertained  at  the  time  of  de- 

12  livery  in  the  mode  prescribed  by  law. 

1  Sec.  5.  The  holders  of  such  certificates  of  indebtedness  desi- 

2  ring  to  receive  the  tithes  aforesaid  in  payment  thereof,  shall 

3  convert  the  same  into  treasury  certificates,  bearing  an  interest 

4  of  six  per  cent,  per  annum,  which  shall  be  issued  by  the  Seere- 

5  tary  of  the  Treasury   in  exchange   for   said  certificates  of  in- 

6  debtedness,  and  shall  express  on  their  face  the  object  for  which 
T  they   are  indebted  ;  the  holders  of  which  said  certificates  shall 

be  entitled  to  receive  payment  therefor,  in  the  tithes  afore.-:ii«l. 

9  at  the  rate  of  one-fifth  of  the  amount  a;  Dually  :  Provided,  how 
1°  ■  than  one-fifth  of  the  amount  of  tithe  due  upon 
11     any  such  certificate,  or  the  whole  Ol   raofa  amount,  nay  be  paid 

W    in  an;  it  the  election  of  the    3       tary  of  the  Trc; 

IS  '  -  or  farmen  liable  to  the  tax  in  kind  shall 


4 

2  be  permitted  to  satisfy  the  same  by  payment  after  the   war  of 

3  such  certificates  as  aforesaid. 

1-  Sec.  7.     Certificates   issued   under   the   authority  of  this   act 

2  shall  be  in  the  following  proportions,  to  wit:  four-ninths  in  a 

3  separate  certificate,  payable  in  cotton  ;  four-ninths   payable  in 

4  corn,  and  one-ninth   payable  in  wheat ;  but  the  amount  to  be 

5  made  payable  on  the  face  of  each  certificate  shall  be  such  as  the 

6  Secretary  of  the  Treasury  shall  judge  to  be  most  suitable  and 

7  convenient  for  the  purposes  of  this  act,  which  said  certificates 

8  shall  be  assignable  in  writing  in  such   form  and  with  such   au- 

9  thentieation  as  the  Secretary  of  the  Treasury  may  prescribe. 

1  Sec.  8.     The  public  faith  is  hereby  pledged  to  the  collection  of 

2  the  tax  in  kind,  in  all  articles  now  liable  to  such  a   tax,  and  to 

3  the  application  of  such  tax,  in  wheat,  corn  and  cotton,  as  afore- 

4  said,  until  the  redemption  of   such  certificates  of  indebtedness 

5  for  Quartermaster  and  Commissary  supplies  as  -the  government 

6  shall  hereafter  issue. 

1  Sec  9.  This  act  shall  be  in  force  from  the  passage  thereof. 


